NNDC CONSULTATION WITH 19 NORTHERN STATES GOVERNORS ON THE ESTABLISHMENT OF NEW NIGERIA COMMODITY MARKETING COMPANY (NNCMC)

The Northern State Governors Forum (NSGF) during their last meeting approved the establishment of a commodity marketing company and directed New Nigeria Development Company (NNDC) to come up with a business plan on the establishment of same to be presented to the NSGF before their next meeting.

In furtherance of the establishment of the New Nigeria Commodity Marketing Company (NNCMC), The NNDC embarked on wide consultations with the 19 northern States through visits led by the Chairman, Board of Directors of the Company, Alhaji Bashir Mohammed Dalhatu (Walin Dutse) in company of the GMD of NNDC, Dr Ahmed M. Mohammed fca and some members of the Executive Management Team.

The Chairman used the opportunity to inform the Governors of the various States visited that the proposed NNCMC is an effective model based on Public-Private Partnership (PPP) framework and will avoid the pitfalls of the old marketing boards by minimising the influence of government interference in the operation of the company. He said the NNDC and the 19 northern States would own 35% of the equity of the NNCMC, 35% equity would be owned by private investors while the remaining 30% would be owned by foreign investors like the Islamic Development Bank and others. NNCMC will guarantee quality yields and enhance effective storage of farm produce which would bring about food security. The Company will mop up produce at harvest by buying farm produce directly from the farmers and would store the produce to guarantee good return to farmers.

He revealed that the proposed Headquarters of the Company will be in Kano State while there will be presence and representation of the Company in all local governments all over the North to promote and monitor massive comparative farm produce in all local governments. NNCMC would be the largest commodity market in West Africa, the Company will generate employment for the youths in northern Nigeria and will bring wealth to the region.

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New Nigeria Development Company (NNDC) is a conglomerate owned by the 19 Northern States of Nigeria. It has interests in Agriculture, Textile, Solid Minerals, Oil & Gas, Capital Markets, Hospitality, Mining, Telecommunications among other business fields.